"14 March 2020" Archive

Recommendations of 39th GST Council Meeting on IT Roadmap

Press Release ID: 1606433 14/03/2020

Shri Nandan Nilekani would attend the next 3 meetings of the GST Council and update the council of the status of implementation of the decisions taken by the Council and assist the Council in taking appropriate decisions on technology related issues, ...

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Changes in GST rates on goods & services in 39th GST Council Meeting

Press Release ID: 1606432 14/03/2020

Council made the following recommendations:- To raise the GST rate on Mobile Phones and specified parts presently attracting 12% to 18%. To deliberate the issue of calibrating the rate in other items for removing inversion in future meetings with further consultation and examination of issue....

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39th GST Council recommendations on Law & Procedures

Press Release ID: 1606430 14/03/2020

a. Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 01.07.2017 (Law to be amended retrospectively). b. Where registrations have been cancelled till 14.03.2020, application for revocation of cancellation of registration can be filled up to 30.06.2020 (extension of period of application as one-time mea...

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Need to bring aviation turbine fuel under GST: Hardeep Singh Puri

Press Release ID: 1606416 14/03/2020

We are at a point where we need to bring aviation turbine fuel under GST and by and large there is acknowledgement from across states to make it happen- Hardeep Singh Puri...

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Govt notifies Maharashtra COVID-19 Regulations, 2020

No.Corona-2020/CR-58/Aarogya-5 14/03/2020

No person/ Institution/ organization will use any print or electronic or social media for dissemination of any information regarding COVID-19 without ascertaining the facts and prior clearance of the Commissioner, Health Services, Director of Health Services (DHS-I & II), Director, Medical Education & Research (DMER), or Collector as the ...

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No Section 68 Addition for issue of Shares on Premium in lieu of shares

Blooming Tradelink Pvt. Ltd. Vs ITO (ITAT Kolkata)

The sole issue involved in this appeal of assessee is against the action of Ld. CIT(A) in confirming the addition of Rs.5,01,00,000/- made by AO u/s. 68 of the Income-tax Act, 1961 (hereinafter referred to as the Act) on account of bogus share capital including share premium...

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Misc. Application cannot be filed for review of final ITAT order: HC

Cavalier Trading Pvt Ltd Vs DCIT (Bombay High Court)

In the instant case, HC notice that not only was there no mistake apparent from the record but in the garb of the Misc. Application, petitioner had sought for review of the final order passed by the Tribunal and for re­hearing of the appeal which is not permissible in law. In our view, Writ Petition does not appear to be bonafide....

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No writ should be filed if same issue is already pending before CIT(A)

Shri Saibaba Sansthan Trust (Shirdi) Vs Union of India & Ors. (Supreme Court)

The issue pertaining to the taxability of anonymous donations received in Hundies maintained by the temple trust under Section 115BBC of Income Tax Act, 1961 is pending determination before the Commissioner of Income Tax (Appeals) for Assessment Year 2015-16....

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Taxation of HUF & Family Arrangement

Basic requirements for the existence of an HUF are as follows :(i) Only one co-parcener or member cannot form an HUF Family is a group of people related by blood or marriage. A single person, male or female, does not constitute a family. However the property held by a single co-parcener does not lose its character of Joint Family propert...

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Income from agricultural land sale taxable as business Income as Assessee was dealing in properties

Afonso Real Estate Developers Vs CITx (Bombay High Court)

Considering the wide phraseology employed, it is obvious that the business of the appellant assessee includes buying and selling even agricultural properties. Therefore, the findings recorded by the AO and the ITAT that the income derived by the Assessee on purchase and sale of the agricultural land will be assessed as income from busines...

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